On November 14, 2023, Contango Ore Inc (CTGO, Financial) released its 8-K filing, detailing the outcomes of its annual stockholders' meeting and financial results for the quarter ended September 30, 2023. The company reported a net loss of $13.1 million, or ($1.47) per basic and diluted share, compared to a net loss of $7.1 million, or ($1.05) per basic and diluted share, for the same period last year. The increased net loss is primarily attributed to the recognition of a loss from its equity investment in Peak Gold, LLC for the Manh Choh project and the loss on derivative contracts related to gold hedges implemented during the quarter.
Annual Meeting Outcomes and Shareholder Approvals
At the annual meeting, shareholders elected directors to serve until the 2024 annual meeting and approved several key proposals. These included the 2023 Omnibus Incentive Plan, the ratification of Moss Adams LLP as the independent auditors for the fiscal year ending June 30, 2024, and the non-binding advisory approval of the compensation of the company's named executive officers. Additionally, discretionary authority was granted to the Chairman of the Annual Meeting to adjourn the meeting if necessary to solicit additional proxies.
Management Commentary on Operations
President and CEO Rick Van Nieuwenhuyse provided insights into the company's operations, stating:
The Peak Gold JV remains on schedule and on budget to reach production at the Manh Choh project in the second half of 2024. I am extremely pleased with the progress to date and will continue to provide updates on milestones as we approach commencement of production.
Company Profile and Forward-Looking Statements
Contango Ore Inc (CTGO, Financial) is a company focused on the exploration of gold and associated minerals in Alaska. The company holds a 30% interest in Peak Gold, LLC, which is responsible for the Manh Choh project, with the remaining 70% owned by Kinross Gold Corporation. Contango also has interests in the Lucky Shot project and owns additional mining claims in Alaska. The company's forward-looking statements indicate expectations for future operations and caution about the risks and uncertainties inherent in the mining industry, including operational risks, price volatility, and potential government policy changes.
Contango Ore Inc (CTGO, Financial) is navigating through a challenging period marked by increased net losses due to its equity investments and derivative contracts. However, the company's leadership remains committed to advancing its key projects and delivering value to shareholders. Investors and stakeholders are encouraged to review the detailed financial statements and notes in the company's 10-Q filing to gain a deeper understanding of its financial health and strategic direction.
Explore the complete 8-K earnings release (here) from Contango Ore Inc for further details.
